Authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability.

The bill authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability. It allows the city to establish a pension system stabilization fund, funded by the proceeds of these bonds or notes. The city must submit a financing and allocation plan to the executive office for administration and finance, which must approve the plan before any bonds or notes can be issued. The city treasurer determines the principal and interest for each issue, aiming for rapid amortization of principal.

Authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability.

The bill authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability. It allows the city to establish a pension system stabilization fund, funded by the proceeds of these bonds or notes. The city must submit a financing and allocation plan to the executive office for administration and finance, which must approve the plan before any bonds or notes can be issued. The city treasurer determines the principal and interest for each issue, aiming for rapid amortization of principal.